Trailing Dividend / Share
$2.11
Morgan Stanley Direct Lending Fund (MSDL) Dividend History
Income profile from 2023 to 2026 with payout safety and yield-on-cost trend
Dividend Yield
13.4%
Payout Ratio
1.5%
Sustainable
Dividend Streak
6 years
MSDL Dividend Income Check
Safety
1.5% payout ratio with sustainable safety profile.
Consistency
6 straight years of dividend increases.
Income Trend
Yield on cost is 9.7% and trend is unknown.
MSDL Dividend Scorecard
Yield & Income
Dividend Yield13.4%
Trailing DPS$2.11
FrequencyAnnual
Payments / 12M4
Payout Safety
Earnings Payout1.5%
Earnings SafetySustainable
FCF Payout79.5%
FCF SafetyStretched
Piotroski F-Score6/9
Growth
Growth Streak6 years
3Y CAGR29.5%
5Y CAGR1.2%
Yield on Cost (5Y)9.7%
YOC Trendunknown
Total Returns
Buyback Yield3.1%
Total Shareholder Yield16.6%
1Y Total Return-8.2%
5Y Total Return1.5%
Div Contribution (5Y)25.4%
Estimated $10K growth (return + dividends):
5Y ago$10,14510Y ago$10,14520Y ago$10,145
Uses precomputed total return metrics from screening data (not lot-by-lot dividend reinvestment transactions). Different time windows can produce different outcomes depending on market regime and entry point.
MSDL Income Growth Story
Dividend per share and yield on cost over time (4 years of payments)
MSDL Dividend Safety Story
EPS is the container — dividend is what's drawn out
Dividend Analysis
Payout Safety
Morgan Stanley Direct Lending Fund distributes 1.5% of earnings as dividends (Sustainable). When measured against free cash flow—a stricter test—the payout ratio stands at 79.5%, rated "Stretched".
Piotroski F-Score: 6/9 — moderate financial health.
Growth Track Record
MSDL has raised its dividend for 6 consecutive years, with a 3-year CAGR of 29.5% and 5-year CAGR of 1.2%.
Total Shareholder Returns
Beyond cash dividends, MSDL returns capital through share repurchases. The combined picture: 13.4% dividend yield, 3.1% buyback yield, 16.6% total shareholder yield.
Income Trend & Total Return
Yield on cost (5-year basis) has reached 9.7% and is currently unknown. The 5-year total return is 1.5%, with dividends contributing 25.4% of that performance.
DRIP Growth
A $10,000 investment made 10 years ago with dividends reinvested would have grown to approximately $10,145 today.
FCF payout is stretched — the dividend consumes a large share of free cash flow.
MSDL Recent Dividend Payments
Last 12 payments · Annual
TTM Total$5.25
Avg/Payment$0.4375
Latest Change-10.0%
| Ex-Date | Amount | Change | Yield % | Payment Date |
|---|---|---|---|---|
| Mar 31, 2026Latest | $0.4500 | ↓ -10.0% | 13.97% | Apr 24, 2026 |
| Dec 31, 2025 | $0.5000 | — | 12.14% | Jan 23, 2026 |
| Sep 30, 2025 | $0.5000 | — | 13.06% | Oct 24, 2025 |
| Jun 30, 2025 | $0.5000 | — | 11.75% | Jul 25, 2025 |
| Mar 31, 2025 | $0.5000 | — | 11.02% | Apr 25, 2025 |
| Dec 31, 2024 | $0.5000 | ↑ +400.0% | 10.65% | Jan 24, 2025 |
| Nov 4, 2024 | $0.1000 | ↓ -80.0% | 11.71% | Jan 24, 2025 |
| Sep 30, 2024 | $0.5000 | ↑ +400.0% | 11.12% | Oct 25, 2024 |
MSDL Dividend vs Peers
Comparable companies in the same industry
#4 yield in peer group
Div Yield
13.4%
#4 of 9
Safety
Sustainable
1.5% payout
Streak
6Y
1.2% 5Y CAGR
Total Shareholder
16.6%
#3 of 9
| Company | Mkt Cap | Yield | Payout | Streak | Safety |
|---|---|---|---|---|---|
| MSDLMorgan Stanley Direc… | $1.3B | 13.4% | 1.5% | 6 | Sustainable |
 ARCCAres Capital Corpora… | $13.8B | 2.0% | — | 0 | Unknown |
3rd  FSCOFS Credit Opportunit… | $1.0B | 13.7% | 75.3% | 3 | Watch |
 OBDCBlue Owl Capital Cor… | $5.8B | 12.6% | 1.2% | 0 | Sustainable |
 GBDCGolub Capital BDC, I… | $3.5B | 10.4% | 97.9% | 0 | At Risk |
2nd  TPVGTriplePoint Venture … | $226M | 18.4% | 83.9% | 0 | Watch |
 CGBDCarlyle Secured Lend… | $866M | 0.2% | 1.4% | 0 | Sustainable |
1st  FSKFS KKR Capital Corp. | $3.2B | 24.5% | 71.3% | 0 | Watch |
 HTGCHercules Capital, In… | $3.0B | 8.6% | 81.3% | 0 | Watch |
MSDL Annual Dividend History (2020–2026)
7 years of dividend data
GrowthDecline
| Year | DPS | YoY | Pmts | EPS | Payout | Coverage | YOC |
|---|---|---|---|---|---|---|---|
| 2026YTD | $0.45 | — | 1 | — | — | — | 2.2% |
| 2025 | $2.00 | -9.1% | 4 | $1.40 | 142.9% | 0.70x | 9.7% |
| 2024 | $2.20 | 266.7% | 6 | $2.43 | 90.5% | 1.10x | 10.7% |
| 2023 | $0.60 | — | 1 | $2.62 | 22.9% | 4.37x | 2.9% |
| 2022 | $0.00 | — | 0 | $0.55 | — | — | — |
| 2021 | $0.00 | — | 0 | $0.94 | — | — | — |
| 2020 | $0.00 | — | 0 | $0.21 | — | — | — |
See MSDL's True Return
Price is only half the story. See total return with reinvested dividends.
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Start ComparisonMSDL — Frequently Asked Questions
Quick answers to the most common questions about buying MSDL stock.
How much dividend does MSDL pay per share?
Morgan Stanley Direct Lending Fund (MSDL) pays a trailing 12-month dividend of $2.11 per share, with a current dividend yield of +13.4%. Payments are made Annual.
When is MSDL's next ex-dividend date?
MSDL's most recent ex-dividend date is N/A. You must own shares before the ex-dividend date to receive the next payment. MSDL typically pays dividends Annual.
Is MSDL's dividend safe?
MSDL's dividend safety is rated "Sustainable" based on an earnings payout ratio of +1.5% and FCF payout ratio of +79.5%. The 6-year growth streak provides moderate confidence.
Is MSDL a Dividend Payer?
Yes, Morgan Stanley Direct Lending Fund is classified as a Dividend Payer with 6 consecutive years of dividend increases. The 5-year dividend CAGR is +1.2%, demonstrating modest dividend growth.
How often does MSDL pay dividends?
Morgan Stanley Direct Lending Fund pays dividends Annual. The trailing 12-month total is $2.11 per share. Dividend data on this page covers 3+ years from 2023 to 2026.
How much would $10,000 invested in MSDL grow with dividend reinvestment?
With dividends reinvested (DRIP), $10,000 invested in MSDL five years ago would be worth approximately $10,145 today. This includes both price appreciation and compounded dividend reinvestment. Use the DRIP calculator above for other time periods.
What is MSDL's yield on cost for long-term holders?
MSDL's yield on cost — the current dividend divided by the original purchase price — is +9.7% for a 5-year holding period. This means long-term holders earn a higher effective yield than today's +13.4% market yield, thanks to consistent dividend growth.